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Australia regulator investigates former commissioner's move to Afterpay

The Australian Securities and Investments Commission is investigating the circumstances surrounding a former commissioner's move to buy now, pay later provider Afterpay Touch Group Ltd., The Australian Financial Review reported Oct. 23.

Michael Saadat, who was the regulator's regional commissioner for New South Wales and executive director for financial services, is due to start work at Afterpay on Nov. 1 as its director of public policy and regulatory affairs for Australia and New Zealand.

ASIC Chairman James Shipton confirmed that ASIC is looking into "facts and circumstances" over Saadat's move to Afterpay, in response to questions from Labor Senator Jenny McAllister during an Oct. 23 senate budget estimate hearing. McAllister questioned if Saadat had had access to sensitive regulatory and commercial information, since he was involved with industry consultations on the buy now, pay later sector.

Shipton said that the regulator was "reviewing engagements internally" and declined to get into specifics.